Morningstar Incorporated

Office Depot plans to close 400 U.S. stores — more than a fifth of its Office Depot and OfficeMax locations — by 2016, the company said Tuesday.

Of those, 150 are slated to close late this year, after the back-to-school season.

Boca Raton-based Office Depot completed a $1.2 billion merger with OfficeMax last year, resulting in overlapping stores in some areas.

The company is still determining which stores to close, based in part on store profitability and how well sales are likely to transfer to a nearby store, CEO Roland Smith said during a conference call.

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